you see, for example, materials, technology, industrials doing very well. i think those will be the real eaters in the second half of the year. shibani: it will not happen as robustly here in the united states. >> first of all, the u.s. could surprise a little bit. maybe deliver a little bit better than the consensus. you see housing doing better. you see manufacturing, certainly, doing better. the shanghai composite is up 15% in just the last 30 days. you are starting to see better manufacturing data. better exporting data. also, the nations in the pacific rim, as well as, latin america. shibani: before i want to ask you -- >> i am a little concerned if we trigger the fiscal cliff, you may see a rotation away from lower quality debt. if we avoid that, then, i think, though bonds will be an attractive asset class this year and maybe more so than investment grade. certainly, both are more attractive than treasuries. shibani: david joy, thank you for being on with us today. a very happy new year to you, as well. >> thank you. same to you. ashley: the fiscal c